Infographic: Why Seniors Are Most Vulnerable to Scams

Estimated Reading Time: 5 Minutes

Identity thieves and scammers don’t discriminate. Anyone can be a target, regardless of age, race, education, or income. However, certain demographics are more vulnerable to these crimes, including seniors.

According to the Federal Trade Commission, younger people reported losing money to fraud more often than older people (44% aged 20-29 years old vs 24% aged 70-79 years old). But when people aged 70+ had a loss, the median loss was much higher:

Age 20-29 years old: $417 median loss
Age 70-79 years old: $1,000 median loss
Age 80+ years old: $1,650 median loss

Scammers prey on mature adults’ trust and financial stability, making them prime targets for identity theft and fraud. These crimes include imposter scams, familiar fraud, medical fraud, and Social Security fraud, among others. For this demographic, in particular, these risks can have devastating financial and emotional consequences.

With scams and identity fraud tactics constantly changing, it’s more important than ever to help seniors stay informed. Your organization can be a hero by providing them safeguards to protect their sensitive personal and financial information.

To help spread awareness, we created an infographic highlighting a few of the most common threats to this audience. Keep reading to learn more!

Key Takeaways

Today’s seniors grew up in an era when politeness and trust were very common, making it difficult for them to say “no” or recognize when someone is attempting to scam them.
With Iris’ comprehensive Senior Identity Protection & Beneficiary Assistance bundle, you can help mature clients protect their identity, well-being, and finances.
Download our Senior Spotlight infographic to explore:
- Why fraudsters and scammers target seniors
- The top identity theft risks affecting older adults, and
- Protective measures you can share with your mature audience to show you value them and their well-being.

Why Seniors?

Many of our parents and grandparents grew up in an era when politeness and trust were very common, making it difficult for them to say “no” or recognize when someone is attempting to scam them. This demographic typically has good financial savings, owns a home, and possesses strong credit – all of which make them appealing targets for identity thieves.

Additionally, many older adults are not as skilled in using technology. They often prefer traditional banking, shopping, and communication methods, which makes them vulnerable to low-tech identity theft and fraud.

Here’s the good news: your organization can help seniors. As a trusted provider of senior services, you can help protect your clients and strengthen retention and loyalty.

Over $1.5 billion is lost annually by seniors (60-80+ years old) to fraud and identity theft, according to the Federal Trade Commission.

Empower Seniors with Exceptional Protection

With Iris’ comprehensive Senior Identity Protection & Beneficiary Assistance bundle, you can help mature clients protect their identity, well-being, and finances. Stand out from the competition by offering your senior clients proactive defenses against financial fraud, scams, spoofed calls, social media account takeovers, and more.

Check out the suite of solutions included in Iris’ standard and premium bundles – solutions listed in purple are offered in our premium bundle.

Notice something on the list that doesn’t align well with your audience? We can assist you in tailoring your senior identity protection experience to suit both your business and senior audience seamlessly.

Download Our Infographic: Senior Spotlight

Download our Senior Spotlight infographic to explore:

Why fraudsters and scammers target seniors
The top identity theft risks affecting older adults, and
Protective measures you can share with your mature audience to show you value them and their well-being.

Help seniors fully enjoy their golden years by offering them a better experience with enhanced security. You can help protect what matters most to them and their families, stand out from the competition, and strengthen trust in your business.

Learn More

*Iris^® Powered by Generali is not responsible or liable for the availability, safety, accuracy, or effectiveness of the techniques, products, tools, or resources used by Iris Powered by Generali in its ScamAssist^® service and customers’ access and use of ScamAssist is entirely at their own risk.

**Identity Fraud - Expense Reimbursement, Cash Recovery Aggregate, and Investment & HSA Cash Recovery benefits are underwritten and administered by American Bankers Insurance Company of Florida, an Assurant^® company, under group or blanket policies issued to Iris^® Powered by Generali for the benefit of its Members. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions. Review the Summary of Benefits at https://www.irisidentityprotection.com/terms-conditions.